Agenda - Council - 09/13/2022 - Laserfiche WebLink

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improvement, non-federal public sector job growth continues to lag behind the rest of the U.S. labor market recovery.281 Summary of Interim Final Rule As stated above, the Social Security Act provides that SLFRF funds may be used "for the provision of government services to the extent of the reduction in revenue of such... government due to the COVID-19 public health emergency relative to revenues collected in the most recent full fiscal year of the ... government prior to the emergency." The interim final rule provided a formula for calculating revenue loss through a four -step process: • Step 1: Identify revenues collected in the most recent full fiscal year prior to the public health emergency (i.e., last full fiscal year before January 27, 2020), called the base year revenue. • Step 2: Estimate counterfactual revenue, which is the amount of revenue the recipient would have expected in the absence of the downturn caused by the pandemic. The counterfactual revenue is equal to base year revenue * [(1 + growth adjustment) '` ( n/12)], where n is the number of months elapsed since the end of the base year to the calculation date, and growth adjustment is the greater of the average annual growth rate across all State and Local Government "General Revenue from Own Sources" in the most recent three years prior to the emergency, 5.2 percent, or the recipient's average annual revenue growth in the three full fiscal years prior to the COVID-19 public health 281 Pew Research, State and Local Government Job Growth Lags as Economy Recovers (September 2021), available at https://www.pewtrusts.org/en/research-and-analysis/articles/2021/09/14/state-and-local-government job -growth - lags -as -economy -recovers. 236